Power Banks Market Growing at 25.90% CAGR

According to a recent market research report released by Transparency Market Research, the global power banks market is estimated to expand at a CAGR of 25.90% during the period between 2014 and 2022. The report, titled “Power Banks Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, projects the global power banks market to reach a valuation of US$36.15 bn by 2022. The overall market was worth US$7.36 bn in 2013. In terms of volume, 334.2 mn unit power banks were shipped in 2013.

The report cites that the increased demand and usage of mobile devices has spurred the growth of the global power banks market. Increasing penetration of broadband and wireless services, coupled with the introduction of innovative power banks with increased functionality, has fostered the market growth. Introduction of safety standards has further boosted the demand for power banks. However, the report states that the technologically advanced consumer electronic goods will eliminate the need for power banks and will restrain the growth of the global power banks market during the forecast period. The market will be also challenged by competitive pressure to offer quality products at low price. The overall market has a huge opportunity to grow with the customization of power banks and strategic partnership among the ecommerce players.

On the basis of product type, the report segments the global power banks market into portable, battery case, and solar. Owing to convenience and ease they offer, portable power banks are in high demand. According to the battery type, the report segments the global power banks market into lithium-polymer and lithium-ion power banks. Due to features such as lightweight and safety, lithium-polymer power banks are more in demand. In terms of power ratings, the global power banks market has been segmented into below 3,000 mAh, 3,001mAh-8,000 mAh, 8,001 mAh-20,000 mAh, and above 20,000 mAh. The power banks with battery capacity of 3,001 mAh-8,000 mAh accounted for the largest share of the market in terms of revenue in 2013. The high demand for this segment is due to growing ownership of high-end smartphones and multiple gadgets. However, during the forecast period, 3,000 mAh power banks are expected to dominate the overall power banks market owing to their low price.

The report studies the global power banks market across five key regions: Europe, North America, Middle-East and Africa, Asia Pacific, and Latin America. Lithium-polymer power banks have witnessed growing demand in the developed economies of Western Europe and North America. However, during the forecast period, Asia Pacific is expected to be the fastest growing region in the market due to the low prices of power banks in countries such as Indonesia, South Korea, China, and India.